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Flood Area Insurance

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  • 07-04-2016 12:55pm
    #1
    Shefwedfan
    Closed Accounts Posts: 18,958 ✭✭✭✭


    So I thought I was finally getting to position to purchase the house I want. As part of buying I needed to get a valuation.

    Bank used local guy who fired into the report about a house in estate getting flooded in 2014. It has never happened to the house I am buying

    This seems to be a complete one off but it is marked down now. The bank have held back till I can confirm I can get house insurance. Rang a few places and they ask did flood happen in area, Even though house is on hill and other house is on bottom of hill and circa 500m away they have all said they will not provide

    Is there any insurance company that can provide? the house is not marked in flood plain or anything. Just seemed to be a one off. Valuer is also not even sure what year it was

    I rang the valuer and he said it was a freak flood and never happened before or since. Is there anyway to get insurance or should I start looking elsewhere for house?


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    #2
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    This seems to be a recurring problem, even the TDs are talking about it.
    http://www.independent.ie/irish-news/storms/flaws-in-system-that-denies-homes-flood-insurance-34294502.html
    Until something is done about the flood insurance in Ireland, I don't think insurers are willing to take any risk on.


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    #3
    Shefwedfan
    Closed Accounts Posts: 18,958 ✭✭✭✭Shefwedfan


    Michael D Not Higgins wrote: »
    This seems to be a recurring problem, even the TDs are talking about it.
    http://www.independent.ie/irish-news/storms/flaws-in-system-that-denies-homes-flood-insurance-34294502.html
    Until something is done about the flood insurance in Ireland, I don't think insurers are willing to take any risk on.

    Yeah I seen all this, I can kind of understand if the house is in an area that is marked as a flood risk but this is not

    From what I can see it was a complete freak that happened to one house in the area and that is it. Never happened before or since.


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    #4
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    Shefwedfan wrote: »
    Yeah I seen all this, I can kind of understand if the house is in an area that is marked as a flood risk but this is not

    From what I can see it was a complete freak that happened to one house in the area and that is it. Never happened before or since.

    It seems the insurer's flood maps are different to others available. A flood in a house nearby in recent times would put all the surrounding houses into higher risk in their eyes. They don't do geographical studies but rather it seems they just draw a circle around the risks and don't insure anything within the circle (I'm sure it's more complicated than that but you get what I mean).


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    #5
    Shefwedfan
    Closed Accounts Posts: 18,958 ✭✭✭✭Shefwedfan


    Michael D Not Higgins wrote: »
    It seems the insurer's flood maps are different to others available. A flood in a house nearby in recent times would put all the surrounding houses into higher risk in their eyes. They don't do geographical studies but rather it seems they just draw a circle around the risks and don't insure anything within the circle (I'm sure it's more complicated than that but you get what I mean).

    Yeah I know what you mean.

    The thing is the house is not even in that circle. according to insurance company they dont have it listed in risk area. OPW don't.

    The insurance company do ask if you are aware of flood in the area which of course I now have to answer yes because it is in report. Apart from that they have no alerts for the house.

    The valuer only know because his mate lives in the house, or this is what he told me. I know the area well and loads of people who live in the nearby towns etc and they have no idea about floods there. Not even in the extended area, just seemed to have happened this one time to this house which is in estate


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    #6
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    Shefwedfan wrote: »
    Yeah I know what you mean.

    The thing is the house is not even in that circle. according to insurance company they dont have it listed in risk area. OPW don't.

    The insurance company do ask if you are aware of flood in the area which of course I now have to answer yes because it is in report. Apart from that they have no alerts for the house.

    The valuer only know because his mate lives in the house, or this is what he told me. I know the area well and loads of people who live in the nearby towns etc and they have no idea about floods there. Not even in the extended area, just seemed to have happened this one time to this house which is in estate

    This is what I mean though, I'm not aware of the financials for the home insurers but obviously the flood payouts have really hit them in the last few years and they have clearly become completely risk averse to anything close to a potential flood.

    You've had to declare a flood in the house down the road and that's put your potential property into a flood risk in their eyes. I'm not sure if there's an appeals process or what other options you have, someone else may be able to offer advice.


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